At 6.9% CAGR, the North America Clinical Trials Market is Projected to be Worth US$ 32,445.82 Million by 2031, Says Business Market Insights

According to Business Market Insights research, the North America clinical trials market was valued at US$ 19,042.18 million in 2023 and is expected to reach US$ 32,445.82 million by 2031, registering a CAGR of 6.9% from 2023 to 2031. Practice of outsourcing clinical studies with massive rise in number of trials and flourishing pharmaceutical industry with surge in R&D activities are among the critical factors attributed to the North America clinical trials market expansion.

Clinical trials are conducted to determine if a new form of medical product, i.e., a drug, diet, or medical device, is safe and effective. The trials are mainly a part of the overall drug development process. According to the National Library of Medicine (NLM), ~52,000 new studies were registered with NLM (ClinicalTrials.gov) in 2020, and the number increased to ~58,000 in 2023. In January 2023, the NLM reported 38,837 active clinical trials in the US and 105,172 active trials worldwide. acAn upsurge in the number of clinical trials can be attributed to the rising prevalence of chronic diseases worldwide, which creates an immense demand for more effective treatments.

The increasing complexity of clinical trials adds to the cruciality of the proper execution and overseeing of operations carried out in research-based organizations. To avoid errors due to improper execution, many research-based organizations outsource clinical trials to clinical research organizations (CROs). CROs assist in successfully implementing clinical trials through the services they offer through their high-quality facilities and deep subject matter expertise. They have gradually become a backbone of the clinical trial industry through their efficient and cost-effective operations that benefit trial sponsors. According to a blog published by Thermo Fisher Scientific, in 2022, CROs executed ~3 out of 4 clinical trials to reassure the clinical programs of drug developers, provide a wealth of expertise, drive time and cost efficiencies, and deliver customized, high-quality data. Thus, the increasing number of clinical trials, and the practice of outsourcing trials to CROs to boost cost-effectiveness and reduce errors are the major factors driving the clinical trials market growth.

On the contrary, expensive and time-consuming process hampers the growth of North America clinical trials market.

Based on study design, the North America clinical trials market is bifurcated into interventional trials and expanded access trials. The interventional trials segment held 87.4% share of the North America clinical trials market in 2023, amassing US$ 16,647.30 million. It is projected to garner US$ 29,124.83 million by 2031 to expand at 7.2% CAGR during 2023–2031.

Based on indications, the North America clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, neurological disorders, diabetes, obesity, metabolic disorders, cardiovascular, and others. The oncology segment held 28.7% share of the North America clinical trials market in 2023, amassing US$ 5,468.15 million. It is projected to garner US$ 10,102.51 million by 2031 to expand at 8.0% CAGR during 2023–2031.

Based on phase type, the North America clinical trials market is segmented into phase I, phase II and phase III. The phase II segment held 49.1% share of the North America clinical trials market in 2023, amassing US$ 9,356.79 million. It is projected to garner US$ 16,309.05 million by 2031 to expand at 7.2% CAGR during 2023–2031.

Based on country, the North America clinical trials market is segmented into the US, Canada, and Mexico. The US held 85.4% share of North America clinical trials market in 2023, amassing US$ 16,265.24 million. It is projected to garner US$ 28,125.53 million by 2031 to expand at 7.1% CAGR during 2023–2031.

Key players operating in the clinical trials market are QVIA Holdings Inc, Parexel International Corp, IXICO Plc, Charles River Laboratories International Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx Research Private Limited, Caidya, Oracle Corp, Medpace Holdings Inc, and SIRO Clinpharm Pvt Ltd, among others.

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